Social cohesion at stake when it comes to house affordability
IPAV observe that rural property prices are gaining ground on city residences.
Commenting on today’s CSO House Price Index for November, the Institute of Professional Auctioneers & Valuers, said the results broadly concur with those reported by their auctioneers which showed prices increasing in the latter part of 2023.
The CSO price index reported an overall 2.9% year-on-year increase for November.
Pat Davitt, IPAV’s Chief Executive, said: “It’s increasingly clear that property prices outside of the cities are now gaining some of the lost ground on city prices, moving up at a faster rate.
“While overall those prices are showing ahead of the 2007 peak there are many areas well behind those highs,” he said.
And he said the Property Price Register will register over 60,000 sales for 2023 for the first time since the start of yearly sales figures in 2010.
“While the figures may fluctuate, overall they are increasing, meaning there is greater movement in the market but there is still a big shortage of new supply, and that must be addressed,” he said.
He said, the availability of homes, and at affordable prices for those on average wages, remains a major issue.
“Hence, most activity in the housing market involves those on higher than average incomes and those who are not dependent upon or at least not fully dependent upon mortgage finance.
“That needs to change if we are to maintain social cohesion,” he said.